Morristown-based G.S. Wilcox & Co. on Tuesday said it completed $11 million in financing for a 223,000-square-foot warehouse building in Elizabeth on behalf of Elberon Development Group.
The financing was secured by Wesley Wilcox, partner, and Albert Raymond, principal, with a 10-year term and 25-year amortization at a very competitive rate through one of the firm’s correspondent life insurance company lenders.
The asset is highly functional and provides for substantial transportation and logistical needs. The site is situated just one mile from the New Jersey Turnpike at Exit 13A and is located directly south of Newark Liberty International Airport and roughly 4 miles from the Ports of Newark & Elizabeth. The proximity to both the airport and the ports have made this location one of the most highly-sought-after in the market.
“In this changing rate environment, we are proud to have secured such favorable terms for our client. It was a pleasure working with both the borrower and lender teams to get the deal across the finish line,” Wilcox said.
